VELIC harnesses the power of traditional finance to create a new sustainable monetary eco-system inspired by blockchain technology and the token economy. Cryptocurrencies have become more recognized and accepted as a financial asset class and we believe that building sophisticated financial products to meet the management profile and transparency requirements will lead to more adoption, especially from the traditional finance sector. We will be using ICON’s ICON service API and SCORE function to scale our services to enterprise-level, and at the same time contribute to ICON’s ecosystem by 1) issuing multiple IRC2 tokens and leveraging SCORE-based smart contracts which will be used in our platform and 2) increasing the use case of ICX tokens and the network. ICONists and ICX holders can use their ICX tokens for VELIC's services which include cryptocurrency storage, crypto-to-crypto exchange, crypto collateralized loans, and asset management.
Our team consist of members from the financial and blockchain industry sharing a common goal; to provide reliable and convenient crypto financial services for everyone. Leveraging extensive experience in finance, our management has been working with developers and contributors to create a security focused crypto-finance platform on top of the ICON network, upon which a range of practical products and services are being built and delivered.
We are located in Singapore which is considered one of the largest blockchain industry cluster. We will be closely monitoring the trends and paradigm shifts in the market and prepare and respond to any regulatory movements that could impact the space.
VELIC embraces ICON’s vision of “connecting the crypto world to our real world” by advancing the performance, ease of use and service quality related to dealing with crypto assets, ICX tokens in particular. We believe that use of ICX tokens should not be limited by trading pairs, network transactions or community interactions and that by offering more services applicable to real world practices it will define the intrinsic value of ICX tokens.
The VELIC platform itself will be a decentralized application (DApp) of ICON, therefore an active participant of the network and a major contributor to the token economy. We will be issuing multiple IRC2 tokens for the platform, and conversions between these tokens will be deployed by SCORE, and broadcasted through the ICON network. We anticipate that this will significantly increase the transaction volume on the network, increasing the circulation of ICX tokens.
VELIC also focuses on empowering three key components of the ICON republic; the ICON ecosystem created and maintained by communities, DApps that provide different services to the public blockchain network, and most importantly ICX users, the supporters and contributors of ICON.
1) The ICON Ecosystem
VELIC will bring value to the ICON Ecosystem by providing services that encourage the consumption of ICX tokens. We believe increasing number of services available with ICX will induce more users and contribute to the overall growth of the ecosystem.
Our initiatives for the ICON ecosystem include:
a) to become the financial backbone of the various ecosystem participants: we will provide custody,
trading, lending and asset management services for ICX holders.
b) promote activity on the ecosystem by generating sizable transactions: we are issuing multiple IRC2 tokens, which will be transferred in and out on a daily basis
c) maintain a Node backed by institutional-level security
2) Services for DApps
We understand DApps play an integral role in the ICON Network, and VELIC will provide the following services to help DApp operators:
a) primary venue for IRC DApp’s IEO/IAO + listing: VELIC will be a reliable partner for ICON
DApps in terms of due diligence, fundraising and user acquisition.
b) funding source (cash flow management) even after IAO, in the form of loans using various
c) corporate finance / asset management for DApps: allows DApp developers and operators to
focus on developing their product and services while VELIC provides asset management services to ensure long-term viability
3) For the ICON community
VELIC will continue to promote the ICONSENSUS vision of mass adoption of blockchain by continuing to build applicable product and services using ICX tokens. Some of the services in the pipeline include:
a) promote development of useful DApps as outlined above
b) funding source: we will be offering financing service for various ICON ecosystem participants including ICX holders and DApps
c) provide essential asset management & key storage services
d) plans to offer staking service for PoS tokens under the storage system
Incorporation (Singapore) - Completed August, 2018
IRC2 Token Issuance - Expected February, 2019
SCORE implementation - Expected February, 2019
VELIC Service Launch - Expected March, 2019
Effective immediately after P-Rep Election
Community Engagement - We will open social media channels to engage with the community, and topics requiring a consensus will be posted on our website for further discussion and votes.
Weekly Reports - Contents on the weekly reports will include: industry news, cryptocurrency market capitalizations, ICON network status, and ICON community news
Expected Network Information